TUSCALOOSA, AL — Alabama ONE Credit Union said it has entered into a purchase and assumption agreement to acquire substantially all assets and liabilities of Peoples Independent Bank in Boaz, Ala.
The bank acquisition is not the first for the credit union, nor is it the first time it has done a transaction with the same holding company. In 2024 Alabama ONE Credit Union acquired First Bank of Wadley, a wholly-owned subsidiary of Peoples Independent Bancshares.
The bank is located approximately 130 miles northeast of the $1.47-billion credit union.
The deal is expected to close in Q3 or Q4 of this year, of 2026 and will create a combined credit union with approximately $1.9 billion in assets serving markets across Alabama, according to ThePatch.com, which first reported the news.
Peoples Independent Bank was founded in 1988 and owned by Peoples Independent Bancshares Inc., which reported total assets exceeding $476 million as of Dec. 31, 2025.
Expansion Plans
The credit union said the acquisition aligns with the Tuscaloosa-based credit union’s strategy to expand in northeastern Alabama following recent growth in east-central and Wiregrass markets.
“This combination represents a natural extension of our growth strategy and a shared continuing commitment to support and strengthen our local communities,” Alabama ONE CEO Whitney Oswalt said in a statement. “We are very familiar with Peoples Independent Bank and its leadership. They have built strong local relationships and have a culture and strategic mission that aligns closely with ours.”
Oswalt said the combined organization will broaden products and services for both Peoples Independent customers and Alabama ONE members in the region.
Rosen Harwood served as legal counsel to Alabama ONE. Peoples Independent Bank was advised by Olsen Palmer LLC as financial advisor and Maynard Nexsen PC as legal counsel.
